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 Understand
the process.
Buying real estate
is a complex matter and can be especially
confusing for the first-time homebuyer. Do
yourself a favor and learn as much about the
process as you can before you begin. There are
plenty of resources on the Internet, and most
real estate offices will have pamphlets to
explain things in plain language. You may also
be able to research the real estate process by
attending community-sponsored classes, or you
can take a look at books like Home Buying For
Dummies by Eric Tyson and Ray Brown, (IDG Books
Worldwide, Inc.)
Figure out your finances.
That means
determining how much money you can raise for
your down payment and how much you can afford to
pay on a monthly basis. Go to a lender to find
out the size of mortgage you qualify for and get
pre-approved. Better yet, use a mortgage broker
to find you the best mortgage rate possible.
When calculating the costs of home ownership,
remember to plan for homeowner's insurance,
property taxes, private mortgage insurance (if
required), utilities, repairs, and maintenance.
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